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Senate passes bill giving buyers 7 days to rescind contracts when seller fails to disclose Public Improvement District status
Summary
House Bill 24 68 was approved on final passage; it gives purchasers the right to terminate a purchase contract within seven days after receiving required notice that a property lies within a Public Improvement District (PID), provided the PID service plan was properly filed before contract execution.
Senator Parker, State Senator, brought House Bill 24 68 to the floor to strengthen consumer protections in real estate transactions involving Public Improvement Districts (PIDs).
Parker said current law requires sellers to disclose that a property is located in a PID but provides no clear recourse for buyers who do not receive that…
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